In January 2025, apartment rents recorded an annual growth in most U.S. states. Nevertheless, the national average rent declined by about one percent. West Virginia was the state with the largest rental increase, while Colorado measured the largest decline. California, one of the most expensive states to rent an apartment, such as California, saw an increase of about one percent from the previous year. How much should you earn to afford to rent an apartment in different states in the U.S.? Both employment opportunities and the living costs vary widely across the country. In California, which is among the most competitive housing markets in the U.S., the hourly wage needed to afford a two-bedroom apartment rental was roughly 47 U.S. dollars, more than twice higher than in North Carolina, Louisiana, or Michigan in 2024. When it comes to the median household income, on the other hand, California does not even make it in the top ten states. How much should you earn to afford a home in some of U.S. largest metros? In 2022, the annual salary needed to buy a median-priced home in the U.S. was 97,000 U.S. dollars. However, in some of the largest metropolitan areas in the United States, where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro, the annual salary needed for a median-priced home was approximately 374,000 U.S. dollars.

Prime rents in the major office markets in Europe are expected to grow year-on-year between 2024 and 2028, according to a May 2024 forecast. London City and London West End are expected to achieve the highest rental growth, at 3.5 and 3.4 percent per annum - more than double the average rental growth forecast for all markets. In Europe, central city offices had better investment and development prospects.

Retail real estate rents in Europe declined slightly in 2021 following the COVID-19 pandemic, while in the UK rents plummeted by nearly 10 percent. This trend reversed in 2023 and was expected to continue until 2026. During that period, retail rents in Europe are forecast to grow between 1.8 and 3.3 percent annually. In the UK, the forecast rental growth is projected at 1.8 to 5.6 percent.

Rents in the United States declined year-on-year for the first time in June 2023, after surging for two years in a row. In November 2021, rents soared by over 18 percent annually — the highest increase on record, and in August 2022, the average rental price reached an all-time high of over 1,440 U.S. dollars. Rental growth has since mellowed, with January 2025 recording a decline of about 0.5 percent from the same period one year ago. Despite the softening of the market, many states still experienced rising rents.

The UK residential rental market is poised for significant growth, with forecasts indicating a cumulative increase of nearly 18 percent by 2029. This surge is expected to be front-loaded, with a robust eight percent rise anticipated in 2024. Rental growth has accelerated notably since 2021, with August 2024 experiencing a decade-high annual percentage growth. The trend reflects the complex interplay between housing affordability, mortgage rates, and supply of rental homes, as the UK housing market navigates a period of transition.

Effective rents for retail real estate in the United States are forecast to increase slightly until 2027, with the strongest annual growth projected for 2025 and 2026. Despite rental growth expected to accelerate from the 0.4 percent recorded in 2022, it is forecast to remain below three percent per year. Furthermore, rents are likely to develop at a varying pace in the different U.S. regions.

The median rent for one- and two-bedroom apartments in Boston, Massachusetts, amounted to about 2,302 U.S. dollars by the end of 2023. Rents decreased slightly after the beginning of the coronavirus pandemic,this trend reversed in 2021 and as of December 2023, the annual rental growth stood at 3.32 percent. Among the different states in the U.S., Massachusetts ranks as one of the most expensive rental markets.

The rent for office spaces in the United States is expected to continue to increase at a moderate pace until 2027, after rising by less than two percent in 2022. The strongest growth is forecast in 2027, when the average effective rent is projected to rise by 2.4 percent.

The growth of residential rents in South Africa has accelerated in 2022 and this trend continued in the first half of 2023. In the second quarter of 2023, residential rents rose by 4.4 percent, which was almost two percentage points higher than the same quarter in 2022. This trend was observed across all provinces.

The median rent for one- and two-bedroom apartments in San Diego, CA, amounted to about 2,274 U.S. dollars at the end of 2023. Rents decreased slightly after the beginning of the coronavirus pandemic, but this trend quickly reversed, and in November 2021, the annual rental growth reached its peak, at 21.63 percent. Among the different states in the U.S., California ranks as the second most expensive rental market in 2023.

The median rent for one- and two-bedroom apartments in Milwaukee, Wisconsin, amounted to about 1,121 U.S. dollars by the end of 2023. Rents increased rapidly in 2021 and as of Decemeber 2023, the annual rental growth stood at over five percent. Among the different states in the U.S., Wisconsin ranks as one of the less expensive rental markets.

The median rent for one- and two-bedroom apartments in Philadelphia, Pennsylvania, amounted to about 1,390 U.S. dollars at the end of 2023. While the median rent decreased slightly between March 2020 and March 2021, the annual rental growth exceeded 15 percent in January 2022. Furthermore, no notable variation in rental growth was observed in December 2023 in comparison to previous years. Among the different states in the U.S., Pennsylvania ranks as one of the mid-priced rental markets in 2023.

The industrial real estate sector is forecasted to see the highest annualized rental growth in the UK between 2024 and 2028, followed by West End offices. According to the forecast, industrial real estate rents are expected to grow by 3.2 percent per year in this period, while West End office space rents are expected to increase by 2.7 percent. When it comes to total commercial real estate returns in the UK, the industrial and retail warehousing sectors are forecast to outperform all other property types.

The median rent for one- and two-bedroom apartments in San Francisco, CA, amounted to about 2,620 U.S. dollars at the end of 2023. Rents decreased drastically after the beginning of the coronavirus pandemic - by over 25 percent between December 2019 and December 2020. This trend reversed in 2021, and as of December 2021, the annual rental growth stood at 15 percent. Among the different states in the U.S., California ranks as the second most expensive rental market in 2023.

The median rent for one- and two-bedroom apartments in Chicago, Illinois, amounted to about 1,663 U.S. dollars in January 2025. Rents soared during the COVID-19 pandemic, with February 2022 experiencing the highest year-on-year increase of nearly 16 percent. Growth has since mellowed, with the average rental increase amounting to 1.7 percent in January 2025. Among the different states, Illinois ranked alongside Texas, South Carolina, and Pennsylvania in terms of rental costs.

Renters paid about 1,404 U.S. dollars in Nashville, Tennessee, for one- and two-bedroom apartments at the end of 2023. Moreover, the annual rental growth fell by 4.2 percent in December 2023. Among the different states in the U.S., Tennessee ranks as one of the less expensive rental markets.

The median rent for one- and two-bedroom apartments in Houston, Texas, increased steadily during the COVID-19 pandemic, but started to decline in late 2023. In January 2025, the average rent in Houston was 1,286 U.S. dollars. That was a decrease of 0.4 percent year-on-year. Overall, Texas ranks as one of the mid-price range rental markets in the U.S.

In the five-year period between 2024 and 2028, the prime residential rent for existing properties in Greater London is expected to increase by over 19 percent. The highest percentage change is expected to occur in 2024, when rents are to rise by 5.5 percent. In the UK. rental growth has accelerated notably since 2021, with March 2024 experiencing a decade-high annual percentage growth. The trend reflects the complex interplay between housing affordability, mortgage rates, and supply of rental homes, as the UK housing market navigates a period of transition.

The median rent for one- and two-bedroom apartments in Los Angeles, California, amounted to about 2,057 U.S. dollars in January 2025. Rents soared during the COVID-19 pandemic, with rental growth hitting 16.5 percent in March 2022. This trend has since reversed, with growth turning negative in May 2023. Among the different states in the U.S., California ranks as the second most expensive rental market after Hawaii.

The median rent for one- and two-bedroom apartments in Denver, Colorado, amounted to about 1,737 U.S. dollars by the end of 2023. While rents decreased slightly after the beginning of the coronavirus pandemic, the annual rental growth fell by more than one percent in December 2023. Among the different states in the U.S., Colorado ranks as one of the more expensive rental markets.